sacyr.com Results 2018 Third Quarter

sacyr.com Results 2018 Third Quarter 8 November 2018

Table of Contents Highlights Operational Development Performance by Business Area Annexes

Highlights Operational Growth Increase in Revenues +20% Revenue increases in all business areas Focused on business profitability and cash generation Profitability EBITDA 374M +38% Eng & Infrastructures 281% Concessions 12% Services 14% Industrial 5% Group EBITDA Margin 9M 2018 13.8% vs 9M 2017 12.1% EBIT 279 M +58% International Expansion Backlog 41,633M 71% International (Construction 89% - Concessions 82%) Revenue 58% International Relevant contract awards in strategic markets: Chile, Peru, Colombia, Mexico Northern Ireland, Australia Sacyr enters USA with three projects, meeting one of the milestones of its strategic plan 2015-2020 3

Highlights Corporate Shareholder Remuneration Restart of dividend policy. 2018 profitability = 4.2% January 2018: Scrip Dividend. 1x48 shares or 0.052 cash More than 95% chose to receive shares July 2018: Scrip Dividend 1x48 shares or 0.051 cash More than 85% chose to receive shares Divestments Sale of 15.5% of Itinere Total amount: 202 M Diversification of Funding Sources Issue of EMTN program (Euro Medium Term Note Programme) Maximum aggregate balance 500 M Bonds between 2 and 7 years 4

Table of Contents Highlights Operational Development Performance by Business Area Annexes

Operational Development Key Figures ( Million) 9M 2018 9M 2017 Var. Revenue 2,702 2,249 +20% International 1,572 1,261 +25% EBITDA 374 272 +38% EBITDA Margin 13.8% 12.1% +1.7 pp EBIT 279 177 +58% Financial Result -177-141 +26% Net Profit 109 97 +13% ( Million) Sep. 2018 Sep. 2017 Var. Backlog 41,633 29,683 +40% 6

Operational Development Contribution by Activity Industrial Eng & Infras. Services Industrial Eng & Infras. Services Industrial Eng & Infras. Services Revenue 9M 2018 EBITDA 9M 2018 Backlog 9M 2018 Concessions Concessions Concessions Ebitda evolution Profitability 13.8% YoY +38% Million 9M 2017 9M 2018 Growth in all business areas 7

Operational Development Backlog: 12-month variation and internationalization Group Backlog Cartera Grupo 10-year Internationalization Concessions Backlog +40% 27% 2008 Internacional 71% 9M 2018 International +61% Other 3% 1,000m Spain 29% 12,000m Europe 59% 25,000m America 38% 16,000m 8

Operational Development Main contract awards 9M 2018 Construction of A6 highway in Northern Ireland (United Kingdom). 161 M. Three projects in USA. 115 M. Construction and equipment for Alto Hospicio Hospital in Tarapacá, Chile. 95 M. Construction of San Alejandro Hospital in México. 70 M. Enlargement and upgrading works in Punta Langosteira, La Coruña. 47 M. Villarrica Hospital in Chile. 44 M. Works at the La Esmeralda water reservoir in Colombia. 32 M. Recovery and enlargement of southern dock at El Prat Airport in Barcelona. 28 M. Recovery of 225 de Abril bridge at Lisboa, Portugal. 13 M. Construction of two hotels in Lisbon. 13 M. Recovery of Namibe Port in the south of Angola. 7 M. November 2018: Phase 1 East Line of Fortaleza Subway in Brazil. Through a consortium led by Sacyr Concesiones, the company will carry out the enlargement, construction, upgrading and operation of El Tepual Airport in Puerto Montt. 6-year concession term. Backlog 58 M. Management of the water cycle in Sotogrande (Cádiz) for 35 years. 400 M. Waste collection and transport, street cleaning and green areas maintenance in Bogotá (Colombia). 170 M. 8-year term. Home assistance in Madrid. 56 M. 2-year. Urban Waste Management and street cleaning in Arona, Santa Cruz de Tenerife. 53 M. 8-year. Urban Waste Management and street cleaning in Melilla. 53M. 4-year + 2. Uban cleaning and waste transport in Vizcaya. 33 M. 4-year. Cleaning and maintenance of Santiago Metro lines (Chile). 30 M. 42-month + 12. Sewage sludge drying at Canal Isabel II in Madrid. 21 M. 4-year. Renewal and operation of urban waste plant at Montoliú (Lérida), 20 M. 10-year + 10. Operation and conservation of 2 roads in Peru. 14 M. 4-year. Waste recovery and street and beach cleaning in Aveiro, Portugal. 10 M. 8-year. Design and construction of one water treatment plant in Adelaida (Australia). 85M. Construction of several photovoltaic facilities in Ciudad Real, Spain. 46 M. Construction of one fuel storage and distribution facility in Mollendo (Peru). 31M. Reconversion of Parque de las Astillas in Huelva, Spain. 8 M. Installation of 13 wind towers at the wind farm in Lugo, for Naturgy. 6M. 9

Operational Development Main Contract Awards 9M 2018 Eng & Infrastructures Concessions Services Industrial Construction of one sector of San Sebastián subway. Total 53 M. Renewal and enlargement of southern dock at Barcelona Airport. 28 M. Construction of tunnels in Plaza de las Glories. 24 M. Construction of A6 Highway. 161 M. Enlargement of SR82 highway. 36 M. Enlargement and upgrading of Langosteira Port, La Coruña. 47M. Preferred bidder for the construction and operation of one waste treatment plant. Recovery and upgrading of several urban zones in Bogotá. 38 M. Works at water reservoir. 32 M. Waste collection and transport, and Street cleaning in Bogotá. 170 M. Buildings for Pan-American Games 2019. 44 M. Management and conservation of two roads. 14 M. Construction of storage depot and fuel distribution. 31 M. Design and construction of several streets and extensión of two existing roads in Miami-Dade. 9 M. Reconstruction, renovation and widening of I75 road. 70 M. San Alejandro Hospital. 70 M. Nov 2018. Construction linea este at Metro Fotaleza. Enlargement of Villarrica Hospital. 44 M. Construction of Alto Hospicio Hospital. 95 M. Operation of El Tepual Airport. 58 M Recovery of 25 abril bridge in Lisboa. 13 M. Construction of 2 hotels in Lisboa. 13 M. Urban waste recovery and Street and beach cleaning in Aveiro. 10 M. Construction of several photovoltaic facilities in Ciudad Real. 46 M. Reconversion of Parque de las Astillas in Huelva. 8 M. Installation of 13 wind towers in Lugo. 5 M. Management of water cycle in Sotogrande, Cádiz. 400 M. Home assistance in Madrid. 56 M. Urban waste management and Street cleaning in Santa Cruz Tenerife. 53 M. Cleaning and urban waste transport in Vizcaya. 33 M. Sewage sludge drying at Canal Isabel II Madrid. 21 M. Renewal and operation of urban waste plant in Montoliú (Lérida). 20 M. Operation and maintenance of the waste wáter purification plant of Helados Alacant. 11 M. Cleaning and maintenance of several metro lines in Santiago de Chile. 30 M. Recovery of Namibe Port. 7 M. EPC agricultural water treatment plant. 85 M. 10

Debt Evolution Net Debt Evolution Million 32-202 685 4,019-373 241 177 3.817* -41 241-46 3,421-118 Net Debt EBITDA Working Other operating Financial Investments Divestments Financing flows + Net Debt Sale of Net Debt Dec. 2017 Capital flows + tax Result forex + other Sept. 2018 Itinere Sept. 2018 Net Debt with recourse 904 Debt decrease due to operating flow (250) Debt increase due to financial result 177 Debt increase due to net investment 639 Variation in debt due to financing flow 32 Net Debt with recourse 1.067 Sale in process Net Debt with recourse 865 * Proforma including the sale of Itinere 11

Table of Contents Highlights Operational Development Performance by Business Area Annexes

Performance by Business Area Engineering & Infrastructures Main Figures Million 9M 2018 9M 2017 Var. Revenue 1,190 877 +36% EBITDA 95 25 +281% EBITDA Margin 8% 2.8% +5.2 pp Backlog* 5,698 5,868 % International Backlog 89% 90% * Backlog compared to December 2017 Revenue +36% increase YoY due to international activity growth (+63%). 86% international (Sept. 2018) vs 77% (Sept. 2017) Ebitda +281% increase, Margin 8%. Good pace of execution in big projects in Italy, Colombia, Uruguay, Peru, Paraguay, Mexico, Ireland Backlog Backlog 5,698 M. 89% out of Spain. 43 months of activity. Strategic Milestone In the first nine months of 2018 Sacyr has been awarded 3 construction contracts in the Florida area, USA. Total backlog of the contracts 115 M. Hospital Antofagasta Outstanding Landmarks Inauguration of the new section of 5.5 km length of Sao Paulo Subway (Brazil). 13

Performance by Business Area Engineering & Infrastructures Main contract awards Backlog 5,698 M Months of Activity 43 Spain 11% International 89% Country Amount Project UK 161 M Construction of A6 highway between Dungiven - Drumahoe. Northern Ireland USA 115 M Reconstruction, recovery and enlargement of 2 roads and upgrading of several streets in Miami-Dade Chile 95 M Construction of Alto Hospicio Hospital in Iquique Mexico 70 M Construction of San Alejandro Hospital Spain 53 M Construction of New Subway in San Sebastián, section Miraconcha-Easo Spain 47 M Enlargement and upgrading of Punta Langosteira (La Coruña) Chile 44 M Construction of Villarrica Hospital Colombia 38 M Recovery and upgrading of several urban areas in Bogota. Colombia 32 M Works at the water reservoir La Esmeralda Spain 28 M Recovery and enlargement of southern dock at El Ptrat Airport, Barcelona Portugal 13 M Recovery of 25 de Abril Bridge in Lisboa Portugal 13 M Construction of 2 hotels in Lisboa Angola 7 M Recovery of Namibe Port Mozambique Brazil October 2018. Construction of the two first phases of Nacala Port November 2018. Construction of phase 1 Linea Este Fortaleza subway 14

Performance by Business Area Concessions Main Figures Million 9M 2018 9M 2017 Var. Revenue 547 417 +31% Construction income 229 141 +63% Concessions income 318 276 +15% EBITDA 195 175 +12% EBITDA Margin 61.4% 63.2% Backlog* 27,287 27,163 % International Backlog 82% 82% * Backlog compared to December 2017 Sacyr Concesiones, sixth largest transportation developer and fourth developer of greenfield projects in the world Source: Public Works Financing (PWF) Concessions income Revenue increase due mainly to: Commissioning of Antofagasta Hospital (October 2017). Commissioning of Ruta del Limarí (July 2018). Positive traffic evolution. Construction income Growth due to construction progress in several concessions: Rutas del Litoral (Uruguay), Vial Sierra Norte (Peru), Rutas del Este (Paraguay), El Tepual Airport (Chile), Pirámides- Tulancingo and Tláhuac Hospital (Mexico), Cúcuta-Pamplona, Rumichaca Pasto and Montes de María (Colombia). Backlog 27,287 M. 82% international. Financial closing and refinancing Tlahuac Hospital in Mexico City 88 M Pirámides-Tulancingo-Pachuca highway 75 M Montes de María highway in Colombia 45 M (1 phase) Rumichaca-Pasto highway in Colombia 53 M (1 phase) Guadalmedina highway, refinancing 229 M Equity invested As at 30 September 2018: 1,058 M 15

Performance by Business Area Concessions Contract awards Backlog 27,287 M Evolution 12m +61% Country Amount Term Project Chile 58 M 6-year Through a consortium led by Sacyr Concesiones, the company will carry out the enlargement, construction, upgrading and operation of El Tepual Airport in Puerto Montt. These improvements are expected to double the airport s current capacity to receive three million passengers, increasing the terminal s surface area from 9,900 m2 to 16,000 m2, and increasing the number of boarding bridges from five to six. El Tepual is the fourth largest passenger airport in Chile; with this remodel, the offer of flights to and from the Los Lagos Region is expected to increase. Spain 18% International Internacional 89% 82% Pedemontana Veneta Aeropuerto El Tepual 16

Performance by Business Area Services Main Figures Million 9M 2018 9M 2017 Var. Revenue 798 704 +13% Environment 322 293 Multiservices 379 325 Water 94 83 Central 3 3 EBITDA 68 59 +14% Environment 38 33 Multiservices 13 12 Water 17 14 EBITDA Margin 8.5% 8.4% Backlog* 6,019 5,661 +6% * Backlog compared to December 2017 Revenue and EBITDA Multiservices: strong increase in revenue by 17% due to the contribution of important contracts awarded in previous quarters, like the contract for service, operation and maintenance of Antofagasta Hospital and contracts related to home assistance and infrastructure conservation. Environment: increases by 10% thanks to, among others, the contribution of waste recovery contracts, like the waste recovery, street cleaning, green areas maintenance and waste transport contract in Bogotá (Colombia). Water: solid increase by 13% YoY due to contract awards in previous quarters and general improvement of contracts. EBITDA increases by 14% thanks to the contribution of all business lines. EBITDA margin 8.5%. Backlog 6,019 M. 29% out of Spain. Sacyr Agua, sixth biggest international company for its water desalination capacity, and first in Spain. (International Desalination Association) 17

Performance by Business Area Services Main contract awards Backlog 6,019 M Country Amount Term Project Spain 400 M 35-year Water cycle management in Sotogrande, Cádiz Colombia 170 M 8-year Waste collection, street cleaning, green zones maintenance and waste transportation in the Special Service Area no 6 in Bogotá Spain 56 M 2-year Home Assistance in Madrid + 6% 9m 2018 Spain 53 M 4-year + 2 Street cleaning and waste collection in Melilla Spain 53 M 8-year Urban Waste mangement and Street cleaning in Arona, Santa Cruz de Tenrife Spaina 33 4-year Street cleaning and waste transport in Barakaldo, Vizcaya Chile 30 M 42-month + 12 Cleaning and minor maintenance of lines 2 and 6 of Santiago de Chile subway International 29% Spain 71% Spain 21 M 4-year Sewage sludge drying at Canal de Isabel II Spain 20 M 1- year Recovery and operation of the urban waste plant at Montoliú (Lérida) Peru 14 M 4-year Management and conservation of two roads Portugal 10 M 8-year Urban waste recovery, Street and beaches cleaning at Aveiro Spain 5 M 3-year Catering at Parla and Coslada Hospitals 18

Performance by Business Area Industrial Main Figures (Millones de euros) 9M 2018 9M 2017 Var. Revenue 388 387 +0.3% Oil & Gas 107 152 Electricity grids and transmission 33 27 Industrial process plants 58 51 Water (EPC) 78 58 Power Generation 112 99 EBITDA 28 26 +5% EBITDA Margin 7.1% 6.8% +0.3 pp Backlog* 2,628 2,310 +14% * Backlog compared to December 2017 Terminal GNL Cartagena de Indias Revenue and EBITDA EPC Oil & Gas: Next completion of Nuevo Mundo Project and the fuel unit at La Pampilla refinery, both in Peru. Electricity grids and transmission: Relevant increase due to a higher execution rate in the contracts of Chile. Industrial process plants: Growth owing to the contribution of projects: Cementera de Potosí (Bolivia) and Urban Waste Treatment Plant in Melbourne (Australia). Water: solid rise due to an increased execution rate in several contracts like Sohar desalination plant in Oman, water treatment plant in Adelaida Australia, or domestic projects as one purification plant in Ibiza and one desalination plant in Tenerife. Power Generation Average price of electricity in pool was 55.4 /MWh, during the first nine months 2018 against 50.3 /MWh in the same period of 2017. Also supported by more activity in biomass plants and the contribution of new contracts (photovoltaic plants) 19

Performance by Business Area Industrial Contract awards Backlog 2,628 M Country Amount Project Australia 85 M EPC project consisting in the design and building of one water treatment plant for agricultural purposes in Adelaida. The facility was designed with the latest water industry technological advances. The project includes the possibility of adapting the plant to include osmosis technology. Spain 46 M Construction of several photovoltaic facilities in Ciudad Real. +14% 9m 2018 Peru 31 M Construction of one fuel storage and distribution facility in Mollendo. Spain 8 M Restructuring of Parque de las Astillas in Huelva. Spain 6 M Installation of 13 wind towers at a wind farm in Lugo. International 14% Spain 86% Planta biomasa de Linares Refinería La Pampilla 20

Table of Contents Highlights Operational Development Performance by Business Area Annexes

Annexes Income Statement INCOME STATEMENT % chg 9M 2018 9M 2017 (Thousands of Euros) 18/17 Revenue 2,701,747 2,248,681 20.1% Other income 241,460 48,726 395.5% Total operating income 2,943,207 2,297,407 28.1% External and Operating Expenses -2,569,430-2,025,697 26.8% EBITDA 373,777 271,710 37.6% Amortisation and depreciation charge -95,340-84,494 12.8% Trade Provisions and non recurring items 240-10,369-102.3% NET OPERATING PROFIT 278,677 176,847 57.6% Financial results -177,045-140,839 25.7% Forex results 18,619-29,173 n.a. Results from equity accounted subsidiaries 225,045 215,348 4.5% Provisions for financial investments -3,770-3,553 6.1% Change in value of financial instruments -155,411-93,742 65.8% Results from sales of non current assets 2,074 2,482-16.4% PROFIT BEFORE TAXES 188,188 127,369 47.8% Corporate Tax -37,327-11,596 221.9% PROFIT FOR CONTINUING ACTIVITIES 150,860 115,772 30.3% RESULTS FOR COMPANIES WITH DISCONTINOUS ACTIVITIES 0 0 CONSOLIDATE RESULTS 150,860 115,772 30.3% Minorities -42,079-19,155 119.7% NET ATTRIBUTABLE PROFIT 108,781 96,617 12.6% Gross margin 13.8% 12.1% 22

Annexes Consolidated Balance Sheet BALANCE SHEET (Thousands of Euros) SEP. 2018 DEC. 2017 Chg 3Q 18 NON CURRENT ASSETS 8,910,472 8,098,032 812,440 Intangible Assets 15,998 17,188-1,190 Concessions Investments 1,386,414 1,370,054 16,360 Fixed Assets 439,277 387,600 51,677 Financial Assets 3,304,534 3,059,941 244,593 Receivables from concession assets 3,354,447 2,854,735 499,712 Other non Current Assets 243,126 241,714 1,412 Goodwill 166,675 166,801-126 CURRENT ASSETS 5,590,170 5,478,224 111,947 Non current assets held for sale 442,303 454,992-12,689 Inventories 229,248 199,937 29,311 Receivables from concession assets 364,732 260,278 104,455 Accounts Receivable 2,399,601 2,333,664 65,938 Financial Assets 113,400 113,361 39 Cash 2,040,885 2,115,992-75,107 ASSETS = LIABILITIES 14,500,642 13,576,256 924,386 EQUITY 1,716,144 2,004,419-288,275 Shareholder's Equity 1,333,597 1,652,138-318,541 Minority Interests 382,546 352,281 30,265 NON CURRENT LIABILITIES 7,821,823 7,253,254 568,569 Financial Debt 5,082,839 4,729,167 353,672 Financial Instruments at fair value 228,896 192,800 36,096 Provisions 442,939 294,882 148,057 Other non current Liabilities 576,940 547,154 29,786 Other hedged debt 1,490,209 1,489,252 957 CURRENT LIABILITIES 4,962,676 4,318,583 644,093 Liabilities associated with the non current assets held for sale 173,222 176,965-3,744 Financial Debt 1,090,591 921,205 169,387 Financial Instruments at fair value 14,806 27,127-12,322 Trade Accounts Payable 2,647,757 2,460,956 186,801 Operating Provisions 101,392 122,726-21,335 Other current liabilities 934,908 609,604 325,304 1H2018 Presentation of Results 23

Annexes Income Statement by Line of Business Sept. 2018 CONSOLIDATED INCOME STATEMENT AS OF SEPTEMBER 2018 (Thousands of Euros) Sacyr Eng & Infrastructures Sacyr Concessions Sacyr Services Sacyr Industrial Holding & Adjustments TOTAL Turnover 1,189,911 547,285 797,771 388,462-221,682 2,701,747 Other Sales 179,303 36,563 30,559 3,656-8,621 241,460 Total Income 1,369,214 583,848 828,330 392,118-230,304 2,943,207 External and Operating Expenses -1,274,048-388,595-760,612-364,619 218,444-2,569,430 GROSS OPERATING PROFIT 95,167 195,253 67,718 27,500-11,860 373,777 Depreciation -18,180-37,516-31,132-6,938-1,574-95,340 Trade Provisions and non recurring items -279 4,680-5,862 1,695 7 240 NET OPERATING PROFIT 76,707 162,417 30,723 22,256-13,427 278,677 Financial results -28,367-91,419-6,976-4,245-46,039-177,045 Forex results 13,998-7,302 40-718 12,601 18,619 Results from equity accounted subsidiaries 304 5,829 4,618-8 214,302 225,045 Provisions for financial investments -18-3,331-422 0 0-3,770 Change in value of financial instruments at fair value 0-13,725-2,627-583 -138,476-155,411 Results from sales of non current assets 952 45 1,709-632 0 2,074 PROFIT BEFORE TAXES 63,577 52,514 27,065 16,070 28,962 188,188 Corporate Tax -23,316-16,986-7,164-5,139 15,278-37,327 PROFIT FOR CONTINUING ACTIVITIES 40,260 35,528 19,902 10,931 44,240 150,860 PROFIT FOR DISCONTINUING ACTIVITIES 0 0 0 0 0 0 CONSOLIDATE RESULTS 40,260 35,528 19,902 10,931 44,240 150,860 Minorities -21,764-20,572 2,113-2,311 455-42,079 NET ATTRIBUTABLE PROFIT 18,496 14,956 22,014 8,620 44,695 108,781 24

Annexes Income Statement by Line of Business Sept. 2017 CONSOLIDATED INCOME STATEMENT AS OF SEPTEMBER 2017 (Thousands of Euros) Sacyr Eng & Infrastructures Sacyr Concessions Sacyr Services Sacyr Industrial Holding & Adjustments TOTAL Turnover 876,863 416,771 704,007 387,214-136,174 2,248,681 Other Sales 31,079 6,827 9,987 2,783-1,951 48,726 Total Income 907,942 423,599 713,993 389,997-138,125 2,297,407 External and Operating Expenses -882,984-249,030-654,755-363,826 124,898-2,025,697 GROSS OPERATING PROFIT 24,958 174,569 59,238 26,171-13,227 271,710 Depreciation -12,145-36,049-27,962-6,805-1,532-84,494 Trade Provisions and non recurring items -2,738-6,824-708 -111 12-10,369 NET OPERATING PROFIT 10,075 131,695 30,568 19,255-14,747 176,847 Financial results 1,869-73,379-6,534-2,713-60,082-140,839 Forex results -2,241 1,686-188 -1,644-26,786-29,173 Results from equity accounted subsidiaries 8,957 4,617 4,494 44 197,236 215,348 Provisions for financial investments -26-3,918 399 513-521 -3,553 Change in value of financial instruments at fair value 0-14,470-2,656-843 -75,772-93,742 Results from sales of non current assets 2,449-52 64-281 302 2,482 PROFIT BEFORE TAXES 21,083 46,178 26,146 14,331 19,631 127,369 Corporate Tax -12,781-15,796-7,927-3,930 28,837-11,596 PROFIT FOR CONTINUING ACTIVITIES 8,302 30,382 18,219 10,402 48,468 115,772 PROFIT FOR DISCONTINUING ACTIVITIES 0 0 0 0 0 0 CONSOLIDATE RESULTS 8,302 30,382 18,219 10,402 48,468 115,772 Minorities -83-16,784-30 -2,560 302-19,155 NET ATTRIBUTABLE PROFIT 8,219 13,598 18,188 7,842 48,770 96,617 25

Annexes Balance Sheet by Line of Business Sept. 2018 CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 2018 (Thousands of Euros) Sacyr Eng & Infrastructures Sacyr Concessions Sacyr Services Sacyr Industrial Holding & adjustments TOTAL NON CURRENT ASSETS 1,701,867 3,571,647 895,485 184,725 2,556,748 8,910,472 Intangible Assets 570 81 10,830 1,292 3,224 15,998 Concessions Investments 47,654 1,042,693 296,067 0 0 1,386,414 Fixed Assets 155,507 3,811 184,906 91,845 3,208 439,277 Financial Assets 177,873 465,889 86,697 23,759 2,550,316 3,304,534 Receivables for concession assets 1,320,263 1,818,273 215,911 0 0 3,354,447 Other non Current Assets 0 240,900 2,226 0 0 243,126 Goodwill 0 0 98,846 67,829 0 166,675 CURRENT ASSETS 3,999,376 1,239,581 556,196 344,620-549,603 5,590,170 Non current assets held for sale 0 283,240 0 0 159,063 442,303 Inventories 181,039 287 13,237 18,695 15,991 229,248 Receivables for concession assets 222 362,522 1,987 0 0 364,732 Accounts Receivable 1,943,897 181,065 371,256 197,938-294,556 2,399,601 Financial Assets 408,080 9,375 105,174 40,009-449,238 113,400 Cash 1,466,138 403,091 64,542 87,978 19,137 2,040,885 ASSETS = LIABILITIES 5,701,243 4,811,228 1,451,681 529,345 2,007,145 14,500,642 Equity 358,017 1,000,114 382,149 134,977-159,113 1,716,144 Shareholder's Equity 315,846 703,560 374,928 93,584-154,321 1,333,597 Minority Interests 42,171 296,554 7,221 41,393-4,792 382,546 NON CURRENT LIABILITIES 2,374,795 3,122,714 638,051 124,689 1,561,574 7,821,823 Financial Debt 1,801,425 2,488,636 416,192 98,729 277,857 5,082,839 Financial Instruments at fair value 0 93,745 11,502 365 123,285 228,896 Provisions 348,470 67,693 104,762 9,512-87,499 442,939 Other non current Liabilities 224,900 472,640 105,595 16,082-242,277 576,940 Other hedged debt 0 0 0 0 1,490,209 1,490,209 CURRENT LIABILITIES 2,968,430 688,400 431,482 269,680 604,684 4,962,676 Liabilities associated with the non current assets held for sale 0 0 0 0 173,222 173,222 Financial Debt 121,317 205,303 62,729 38,013 663,228 1,090,591 Financial instruments at fair value 0 12,728 1,396 682 0 14,806 Trade Accounts Payable 2,035,965 278,049 152,825 187,041-6,123 2,647,757 Operating Provisions 60,613 9,330 24,148 6,924 376 101,392 Other current liabilities 750,534 182,990 190,383 37,020-226,019 934,908 26

Annexes Balance Sheet by Line of Business Dec. 2017 CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2017 (Thousands of Euros) Sacyr Eng & Infrastructures Sacyr Concessions Sacyr Services Sacyr Industrial Holding & adjustments TOTAL NON CURRENT ASSETS 1,304,452 3,397,139 798,911 188,215 2,409,315 8,098,032 Intangible Assets 638 82 13,411 1,572 1,485 17,188 Concessions Investments 48,828 1,073,928 247,298 0 0 1,370,054 Fixed Assets 127,378 2,496 155,344 98,861 3,521 387,600 Financial Assets 135,245 392,548 107,886 19,952 2,404,310 3,059,941 Receivables for concession assets 992,364 1,688,862 173,509 0 0 2,854,735 Other non Current Assets 0 239,223 2,492 0 0 241,714 Goodwill 0 0 98,971 67,829 0 166,801 CURRENT ASSETS 3,969,527 1,054,859 445,836 425,446-417,444 5,478,224 Non current assets held for sale 0 282,760 0 0 172,232 454,992 Inventories 159,927 288 18,292 18,108 3,322 199,937 Receivables for concession assets 265 256,093 3,920 0 0 260,278 Accounts Receivable 1,749,613 190,846 314,714 246,425-167,934 2,333,664 Financial Assets 444,445 6,572 53,966 54,104-445,726 113,361 Cash 1,615,277 318,300 54,945 106,809 20,662 2,115,992 ASSETS = LIABILITIES 5,273,979 4,451,998 1,244,746 613,661 1,991,871 13,576,256 EQUITY 428,814 968,118 293,156 135,464 178,867 2,004,419 Shareholder's Equity 408,323 685,108 283,971 91,629 183,106 1,652,138 Minority Interests 20,490 283,009 9,185 43,835-4,239 352,281 NON CURRENT LIABILITIES 2,335,900 2,759,044 584,083 129,593 1,444,635 7,253,254 Financial Debt 1,800,895 2,133,586 302,592 105,359 386,735 4,729,167 Financial Instruments at fair value 0 124,815 13,670 559 53,756 192,800 Provisions 347,197 66,518 109,647 11,133-239,613 294,882 Other non current Liabilities 187,808 434,124 158,175 12,542-245,494 547,154 Other hedged debt 0 0 0 0 1,489,252 1,489,252 CURRENT LIABILITIES 2,509,266 724,837 367,507 348,604 368,370 4,318,583 Liabilities associated with the non current assets held for sale 0 0 0 0 176,965 176,965 Financial Debt 172,887 297,913 78,361 39,922 332,122 921,205 Financial instruments at fair value 0 25,347 1,351 429 0 27,127 Trade Accounts Payable 1,829,433 261,105 128,681 251,473-9,736 2,460,956 Operating Provisions 80,650 14,285 20,552 6,864 376 122,726 Other current liabilities 426,295 126,187 138,563 49,916-131,357 609,604 27

Annexes Net Financial Debt Net Financial Debt breakdown & Maturity Schedule Million Sep. 2018 Dec. 2017 Var. 9M Project Finance 2,951 2,517 434 Bank borrowings (operating lines) 427 498-71 Capital Markets (Bonds + ECP) 641 406 235 Deuda Neta 4,019 3,421 598 Debt 2018 2019 2020 2021 2022 & + Sacyr Concessions 2,282-359 188 275 161 2,017 Sacyr Eng & Infraestructures* 419-1,432 130 152 25 1,544 Sacyr Services 396-56 103 43 39 267 Sacyr Industrial 44-61 11 8 6 80 Subtotal business lines debt 3,141-1,908 432 478 231 3,908 Total Corporate 878 74 483 117 3 201 Total Net Financial Debt 4,019-1.834 915 595 234 4,109 Corredor 5 * Project Finance related to Pedemontana Veneta = 255 M. 28

Annexes Concessions - Traffic ACCUMULATED ADT 9M 2018 9M 2017 Var. SHADOW TOLL HIGHWAY SPAIN - AUTOVIA DEL NOROESTE 12,596 12,376 1.8% - Ma-15 PALMA-MANACOR 26,583 25,778 3.1% - AS-II OVIEDO-GIJÓN (VIASTUR) 23,132 23,394-1.1% - AUTURSA CV-35 39,431 39,088 0.9% - ERESMA 8,050 8,193-1.7% - BARBANZA 14,218 14,010 1.5% - ARLANZON 22,566 22,570 0.0% TOLL HIGHWAY SPAIN - AP-46 MÁLAGA - LAS PEDRIZAS 13,492 12,922 4.4% TOLL HIGHWAY OTHER COUNTRIES - N6 GALWAY-BALLINASLOE 13,520 11,666 15.9% - VALLES DEL DESIERTO 4,796 4,814-0.4% - RUTAS DEL DESIERTO 6,961 6,766 2.9% - RUTAS DEL ALGARROBO 4,448 4,540-2.0% - VALLES DEL BIO-BIO 7,249 6,705 8.1% - MONTES DE MARÍA 2,956 3,064-3.5% - UNIÓN VIAL DEL SUR 6,207 6,012 3.2% - DESARROLLO VIAL AL MAR 7,366 7,103 3.7% 29

Annexes Concessions Revenue Evolution 9M 2018 REVENUE BREAKDOWN Thousands 9M 2018 9M 2017 Var. (%) ESPAÑA 117,089 119,229-1.8% IRLANDA 931 912 2.1% PORTUGAL 660 664-0.6% CHILE 117,489 102,471 14.7% PERU 22,669 9,670 134.4% COLOMBIA 50,540 42,911 17.8% URUGUAY 2,595 75 n/a PARAGUAY 3,570 333 n/a MÉJICO 2,499 - n/a TOTAL WITHOUT CONSTRUCTION INCOME 318,043 276,265 15.1% CONSTRUCTION INCOME 229,242 140,506 63.2% TOTAL 547,285 416,771 31.3% 30

Alternative Performance Measures The Sacyr Group presents its earnings in accordance with International Financial Reporting Standards (IFRS). The Group also provide certain additional financial measurements, known as Alternative Performance Measures (APMs) used by management in decision-making and evaluation of the Group's financial performance, cash flows and financial position. In order to comply with the Guidelines on Alternative Performance Measures (2015/1415en) published by the European Securities and Markets Authority (ESMA), the disclosures required for each APM are set out below, including its definition, reconciliation, explanation of its use, comparatives and consistency. Sacyr Group considers that this additional information will improve the comparability, reliability and comprehensibility of its financial information. ALTERNATIVE PERFORMANCE MEASURES EBITDA: this indicator shows operating profit or loss prior to depreciation and amortisation and any change in provisions, excluding extraordinary/non-recurring profits and losses. EBIT: Calculated as the difference between Operating income (Revenue, Own work capitalized, Other operating income, Government grants released to the income statement) and Operating expenses (Staff costs, Depreciation and amortisation expense, Changes in provisions and Other). GROSS DEBT: Comprises Non-current financial debt and Current financial debt as shown on the liabilities side of the consolidated statement of financial position, which include bank borrowings and issues in capital markets (bonds). NET DEBT: Calculated as Gross debt less Other current financial assets and Cash and cash equivalents, from the asset side of the consolidated statement of financial position. PROJECT FINANCE DEBT (GROSS OR NET): The financial debt (gross or net) from project companies. In this type of debt, the guarantee received by the lender is limited to the project cash flow and its asset value, with limited recourse to shareholders. CORPORATE DEBT (GROSS OR NET): Debt held by the Group's Parent, comprising bank borrowings and issues in capital markets. FINANCIAL RESULT: The difference between Total finance income and Total finance costs. BACKLOG: Value of awarded and closed work contracts pending completion. These contracts are included in the backlog once they are formalised. The backlog is shown as the percentage attributable to the Group, as per the corresponding consolidation method. Once a contract has been included in the backlog, the value of production pending completion on the contract remains in the backlog, until it is completed or cancelled. Nevertheless, valuation adjustments are made to reflect any changes in prices and time periods agreed with the client. Due to a number of factors, all or part of the backlog linked to a contract may not actually become income. The Group's backlog is subject to adjustments and cancellation of projects, and cannot be taken as an exact indicator of future earnings. Given that no comparable financial measure is foreseen under IFRS, a reconciliation with the financial statements is not possible. Management considers that the backlog is a useful indicator of the Group's future revenues and a customary indicator used by companies in the sector in which Sacyr operates. The concessions backlog represents estimated future revenues on concessions, over the concession period, based on the financial plan for each concession, and includes projected fluctuations in the exchange rate between the euro and other currencies, as well as changes in inflation, prices, tolls and traffic volumes. MARKET CAP: Number of shares at the end of the accounting period, multiplied by the share price at the end of the accounting period. LIKE-FOR-LIKE BASIS: On occasions, certain figures are corrected to permit a comparison between accounting periods, for example, by eliminating non-recurring impairment, significant changes in the consolidation scope that could distort the year-on-year comparison of indicators such as sales, the effect of exchange rates, etc. In each case, details are provided in the notes to the corresponding item. ADT: Defined as the total number of users of a concession during a day. ADT is normally calculated as the total number of vehicles travelling on the motorway each day 31

sacyr.com NOTE The financial information contained in this document is drafted according to the International Financial Reporting Standards. This information has not been audited and therefore may be modified in the future. This document is not a offer, invitation or recommendation to buy, sell or exchange shares or make any kind of investment. Sacyr does not assume any type of damages or losses as a result of the use of this document or its content. In addition, the Group uses Alternative Performance Measures to provide with additional information which enhances the comparability and comprehension of its financial information and facilitate the decision-making and the evaluation of the group s performance. To comply with the Directives (2015/1415es) of European Securities and Markets Authority (ESMA) on APMs, this document comprises the more outstanding APMs used in the preparation of this document (Annex). Pº de la Castellana, 83-85 28046 Madrid 8 November 2018